Financial Highlights - Net income reached $403 million, a 42% increase compared to $283 million in the prior year quarter[6,7] - Core income increased by 40% to a record $409 million, compared to $293 million in the prior year quarter[6,7] - Year-to-date core income also hit a record $1,025 million, up 5%[6,7] - Net investment income rose by 2% to $638 million pretax, with fixed income securities and other investments contributing $567 million and limited partnerships and common stock contributing $71 million[6] Property & Casualty (P&C) Operations - P&C core income was $456 million, up from $346 million, driven by lower catastrophe losses, improved underwriting results, and higher net investment income[6] - The P&C combined ratio improved to 928%, compared to 972% in the prior year quarter, including a 15 points catastrophe loss impact compared with 58 points in the prior year quarter[6] - P&C segments, excluding third party captives, saw gross written premium growth of 2% and net written premium growth of 3%[6] Life & Group (L&G) and Long-Term Care (LTC) - Life & Group experienced a core loss of $22 million, compared to a loss of $9 million in the prior year quarter[6] - Individual LTC policies have declined by 50% (~96000 policies) since 2015 with stable open claim counts[28] - Group LTC policies have declined 48% (~111000 insureds) since 2015 from active management with claim counts remaining stable[34] Capital and Dividends - Book value per share was $4183, while book value per share excluding AOCI was $4630, an 8% increase from year-end 2024 adjusting for $338 of dividends per share paid[6] - The Board of Directors declared a regular quarterly cash dividend of $046 per share[6]

Core Insights - Berkshire Hathaway reported earnings per share of $5.74, slightly exceeding estimates, but revenue of $95.62 billion fell short of expectations [2] - The company's operating profits increased by 34% year-over-year, reaching $13.5 billion, driven by strong performance in insurance and railroads [3] - Berkshire Hathaway's cash reserves reached a record $381.7 billion, providing flexibility for acquisitions and protection against market downturns [3][4] Financial Performance - Earnings per share were reported at $5.74, above the estimated $5.73 [2] - Revenue was $95.62 billion, below the expected $98.70 billion [2] - Operating profits increased by 34% year-over-year, totaling $13.5 billion [3] Sector Performance - Strong performance in the insurance underwriting and service/retail segments contributed to the operating earnings [2] - The insurance and railroad sectors were key drivers of profit growth [3] Valuation Metrics - The company has a P/E ratio of 16.38 and a price-to-sales ratio of 2.78, indicating attractive valuation [4] - A low debt-to-equity ratio of 0.19 and a strong current ratio of 7.72 reflect conservative financial management [4]

Core Insights - Abry Partners' portfolio company, Portfolio Holding, Inc., is set to be acquired by Protective Life Insurance Company, a subsidiary of Dai-ichi Life Holdings, Inc. [1] - The acquisition is anticipated to close in Q4 2025 or Q1 2026 [3] Company Overview - Portfolio Holding, founded in 1990 and based in Lake Forest, California, specializes in reinsurance management services and finance and insurance (F&I) products for dealers across the U.S. [3] - The company employs approximately 450 staff and has a national distribution network, serving millions of customers with vehicle service contracts, GAP coverage, and various ancillary products [3] Financial Performance - Since Abry Partners' investment in 2019, Portfolio has more than tripled its revenue through organic growth and strategic acquisitions, completing 17 acquisitions of F&I administrators and agents [4] - The partnership with Abry has been described as transformational, enhancing Portfolio's operational capabilities and product offerings [4][5] Strategic Vision - Abry Partners views Portfolio as a market leader in dealer wealth and reinsurance solutions, with plans to further scale the business through strategic acquisitions and technology investments [5] - The acquisition by Protective Life is expected to unlock greater growth opportunities for Portfolio, enhancing its service offerings for dealers and agents [5]

Financial Performance - Q3 2025 - Loews Corporation's net income increased to $504 million, or $2.43 per share, compared to $401 million, or $1.82 per share, in Q3 2024[13] - The company repurchased 0.9 million shares at a cost of $85 million since June 30, 2025[13] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024[13] - Dividends from subsidiaries totaled $189 million in Q3 2025[13] - The company held $3.6 billion in cash and investments at the parent company level as of September 30, 2025[8, 13] Subsidiary Highlights - CNA's net income attributable to Loews increased 43% year-over-year due to improved Property and Casualty underwriting results[17] - Boardwalk's net income improved 22% year-over-year due to increased transportation revenues[17] - Boardwalk executed a precedent agreement for its Texas Gateway Project, which would add 1.5 Bcf/d of capacity[17] - Loews Hotels' results improved year-over-year due to new properties and higher average daily rates and occupancy in Orlando[17] CNA Financial Highlights - CNA's net written premiums increased to $2.437 billion in Q3 2025 from $2.360 billion in Q3 2024[29] - CNA's invested assets (fair value) increased to $50.536 billion as of September 30, 2025, from $47.482 billion as of December 31, 2024[29] Boardwalk Pipeline Highlights - Boardwalk's operating revenue increased to $541 million in Q3 2025 from $474 million in Q3 2024[32] - Boardwalk's net income attributable to Loews increased to $94 million in Q3 2025 from $77 million in Q3 2024[32]

Core Financial Performance - CNA Financial Corporation reported a third quarter 2025 net income of $403 million, or $1.48 per share, compared to $283 million, or $1.04 per share, in the same quarter of the previous year, marking a significant increase [1][6] - Core income reached a record $409 million, or $1.50 per share, up from $293 million, or $1.08 per share, in the prior year quarter, reflecting a 40% increase [1][6] - Year-to-date core income surpassed $1 billion for the first time in history, totaling $1,025 million, a 5% increase from the previous year [4][6] Segment Performance - The Property & Casualty (P&C) segments generated core income of $456 million for Q3 2025, an increase of $110 million from the prior year, driven by lower catastrophe losses and improved underwriting results [1][6] - The Life & Group segment reported a core loss of $22 million for Q3 2025, compared to a core loss of $9 million in the prior year quarter [2][6] - The Corporate & Other segment showed a core loss of $25 million for Q3 2025, an improvement from a loss of $44 million in the prior year quarter [2][6] Underwriting and Investment Results - Underwriting income was exceptionally strong at $194 million, nearly tripling the prior year's quarter, aided by low catastrophe losses [4][6] - Net investment income increased by 2% to $638 million pretax, driven by higher fixed income results [6][22] - The P&C combined ratio improved to 92.8%, down from 97.2% in the prior year quarter, with catastrophe losses significantly reduced to $41 million from $143 million [5][11] Premium Growth - P&C segments, excluding third-party captives, achieved gross written premium growth of 2% and net written premium growth of 3%, attributed to a renewal premium change of +4% [1][12] - The underlying combined ratio improved to 91.3%, with the expense ratio dropping to 29.1%, the lowest since 2008 [5][6] Shareholder Returns - The Board of Directors declared a quarterly dividend of $0.46 per share, payable on December 4, 2025, to stockholders of record on November 17, 2025 [2][6] - Book value per share increased to $41.83, with book value per share excluding AOCI at $46.30, reflecting an 8% increase from year-end 2024 [6][23] Leadership Changes - Douglas M. Worman has been appointed Chairman of the Board, effective January 1, 2026, in addition to his current role as President & CEO [9]

Core Insights - Loews Corporation reported a net income of $504 million, or $2.43 per share, for Q3 2025, an increase from $401 million, or $1.82 per share, in Q3 2024 [1][3][8] - The company’s total revenues for Q3 2025 were $4.671 billion, compared to $4.466 billion in Q3 2024, reflecting a year-over-year growth [1][14] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024 [3][8] CNA Financial - CNA Financial's net income attributable to Loews increased by 43% year-over-year to $371 million, driven by improved underwriting results and higher net investment income [3][4] - The Property and Casualty combined ratio improved to 92.8% in Q3 2025 from 97.2% in Q3 2024, largely due to lower catastrophe losses [4][22] - Net earned premiums grew by 8%, while net written premiums increased by 3% due to new business [4][19] Boardwalk Pipelines - Boardwalk Pipelines reported a net income of $94 million for Q3 2025, up 22% from $77 million in Q3 2024, attributed to higher re-contracting rates and completed growth projects [3][9] - The company executed a precedent agreement for its Texas Gateway Project, which will add 1.5 Bcf/d of capacity, bringing total announced growth projects to 4.2 Bcf/d at an estimated cost of $3.0 billion [3][9] - Boardwalk's revenue backlog as of September 30, 2025, was $15.6 billion, with $5.7 billion associated with growth projects under precedent agreements [9] Loews Hotels & Co - Loews Hotels reported a net loss of $3 million in Q3 2025, an improvement from a loss of $8 million in Q3 2024, primarily due to higher equity income from Universal Orlando Resort joint ventures [3][9] - Adjusted EBITDA for Loews Hotels increased by 8% to $69 million in Q3 2025, driven by new properties and improved performance at existing locations [9][24] Corporate Segment - The corporate segment reported a net income of $42 million in Q3 2025, down from $73 million in Q3 2024, mainly due to lower investment income from the parent company's trading portfolio [3][9] - The parent company had $3.6 billion in cash and investments and $1.8 billion in debt as of September 30, 2025 [3][9]

Philadelphia Insurance Companies (PHLY) has announced the acquisition of the Collector Vehicle business from Ignyte Insurance, a Carlyle-backed portfolio company, in a transaction valued at $615m. This collector vehicle insurance acquisition brings four names – American Collectors Insurance, J.C. Taylor Insurance, Condon Skelly and Heacock Classic – under the PHLY umbrella. The acquired business is headquartered in Mt. Laurel, New Jersey. With decades of experience in the collector vehicle market, these ...

Core Insights - AXA's 9 Month 2025 Activity Indicators Call highlights the company's performance and strategic direction [1] Financial Performance - The Group CFO will present key highlights from the recent press release, indicating a focus on financial metrics and operational efficiency [1] Strategic Direction - The Group Chief Strategy Officer emphasizes the importance of investor relations and strategic planning in the company's ongoing activities [1]

Regulatory Dynamics - Five banks were fined a total of over 200 million yuan for various violations, with China Bank fined 97.9 million yuan for issues in governance and loan management [1] - The Central Bank's Zhejiang branch imposed fines exceeding 16 million yuan on six banks, affecting 25 responsible individuals, with penalties ranging from 7,500 to 100,000 yuan [1] Insurance Industry - The total fines in the insurance industry exceeded 300 million yuan in the first three quarters of 2025, marking a year-on-year increase of 9.64%, with 86 individuals banned from the industry [2] - In Q3 2025, the insurance sector saw 632 penalties totaling 134 million yuan, with a significant rise in the number of penalties and institutions involved compared to the previous year [2] Industry Dynamics - The six major state-owned banks reported their Q3 results, with Industrial and Commercial Bank of China achieving a revenue of 610.97 billion yuan, a year-on-year increase of 1.98% [2] - Agricultural Bank of China reported a revenue of 550.77 billion yuan, up 1.87%, while Bank of China and China Construction Bank also showed modest growth in revenue and net profit [2] Corporate Developments - China Pacific Insurance reported a net profit of 45.7 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 19.3% [9] - The appointment of Zhao Guid as vice president of Industrial and Commercial Bank of China was announced, highlighting his extensive experience in digital transformation and financial technology [6] - Yibin Bank announced a change in leadership, appointing Guo Hua as the new president after the resignation of Jiang Lin [7] - China Life and New China Life reported significant net profit growth rates of 91.5% and 88.2% respectively in Q3 2025, driven by substantial investment income [5]

Core Insights - Canada's life and annuity insurers reported strong results in 2024, driven by record growth in new annualised premiums and increased revenue from assets under management and fee-based income [1][3] Industry Performance - The Canadian life and annuity market outlook remains stable, supported by consistent earnings, sound underwriting performance, and prudent capital management [3] - New annualised premiums reached a record CAD 2.4 billion in 2024, representing an 8% increase from the previous year [6] - Group life insurance generated over CAD 33 billion in revenue, while individual life insurance contributed slightly more than CAD 29 billion, both with a pre-tax return on revenue of approximately 7% [7] Key Players - Leading insurers such as The Canada Life Assurance Company, Manulife Financial Corporation, Sun Life Assurance Company of Canada, and iA Financial Group are central to the sector's growth [5] - These companies have focused on technology investments, data analytics, and customer-focused distribution strategies to drive positive momentum [5] Challenges and Opportunities - Ongoing challenges include economic uncertainty and potential interest rate cuts by the Bank of Canada, alongside a persistent coverage gap in the life insurance market [4] - Economic uncertainty has prompted individuals to purchase life insurance for retirement and wealth planning, particularly in the affluent market [7] Annuity Segment - The annuity segment also performed well, with group annuity products generating CAD 6.1 billion in insurance revenue and individual annuities accounting for CAD 4.7 billion, achieving returns on revenue of 13% and 15% respectively [8]